What Wankai New Materials does

Wankai New Materials Co., Ltd. (万凯新材料股份有限公司) is a privately held Chinese manufacturer of PET (polyethylene terephthalate) resin and polyester materials, founded in 2008 and headquartered in Haining, Zhejiang Province. The company's core portfolio includes hot-fill PET chips (热灌装聚酯切片), environmental antimony-free PET chips (环保无锑聚酯切片), and PET filament yarn (涤纶长丝) — sold as a B2B feedstock to packaging manufacturers and textile fiber producers. Wankai serves both domestic Chinese customers and export channels, with reported 87% market share of India's total PET resin imports as a notable indicator of its export franchise, despite being subject to active anti-dumping duties since April 2021 and additional anti-absorption duties of $25 per tonne from November 2024. The company's R&D infrastructure comprises 100+ technical personnel including 20+ doctoral, master's, and senior engineer-level staff, has executed 50+ technology development projects, holds 30+ authorized patents, and has received multiple provincial and municipal science-and-technology awards (notably the Zhejiang Province Third Prize for Science and Technology Progress in 2017).

In December 2025, Wankai executed the strategic move that defines its forward trajectory: a definitive agreement with French biotech Carbios to create the Kaibio Biotechnology Co. Ltd joint venture, under which Wankai holds the majority stake and finances most of an approximately €115 million (US$134 million) investment to build and operate China's first commercial enzymatic PET biorecycling plant in Haining. The 50,000-tonne annual capacity facility will operate under a licensing agreement with Carbios retaining full patent ownership, with Wankai also committed to a €5 million capital increase into Carbios SA (since postponed to December 31, 2026) and the plant commissioning itself delayed from early 2027 to H1 2028 for site-specific process adaptation work. Beyond the JV, Wankai retains a minority stake in Lingxin Qiaoshou from which it cumulatively transferred 0.73% of equity for 99.6 million yuan in December 2025. Revenue mechanics are split between (1) PET resin hardware sales to downstream packaging and textile manufacturers via direct B2B channels and (2) prospective licensing/royalty revenue from the Kaibio biorecycling operations; no public pricing model is disclosed and overall revenue scale is not transparent in the available sources, although the input financials imply multi-year decline and significant 2024 gross-margin compression.

Name

Wankai New Materials

Legal name

万凯新材料股份有限公司 (Wankai New Materials Co., Ltd.)

Website

https://wkai.cc

Company type

Private

Founded year

2008

Operating status

Operating

Short description

Wankai New Materials (万凯新材料) is a Chinese PET resin and polyester yarn manufacturer (founded 2008, Haining, Zhejiang) that supplies B2B packaging and textile producers, holds 87% of India's PET resin import market share, and is expanding into enzymatic PET biorecycling via the Kaibio Biotechnology joint venture with France's Carbios.

Ownership category

akta.pro rank

Product category

Polyester Materials Manufacturing

NAICS

Plastics Material and Resin Manufacturing (325211)

SIC

Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Polyesters & PET Chain (PTA, MEG, PET) (IMAEADAG)

akta.pro secondary industry

Bio-based Materials & Fibers (e.g., cellulose derivatives, lignin-based materials, nanocellulose) (EUAAAIAD)

Keywords

• PET resin manufacturing
• Polyester materials
• Polyester filament yarn
• PET biorecycling technology
• Polyethylene terephthalate chips

Headquarters

HQ city

Haining

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. PET Resin Sales: Wankai manufactures and sells PET (polyethylene terephthalate) resin to downstream manufacturers, serving industries including packaging, textiles, and other PET applications.
2. Licensing Revenue from Joint Venture: Through the joint venture Kaibio Biotechnology Co. Ltd with Carbios, Wankai participates in PET biorecycling operations, generating revenue from processing recycled PET waste under a licensing agreement with Carbios.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Wankai New Materials manufactures PET (polyethylene terephthalate) resin chips and polyester filament yarn for sale to downstream industrial manufacturers. Its core product lines include standard PET chips, specialty hot-fill PET resin, and environmentally friendly antimony-free PET, serving the packaging and textile industries. The company is also expanding into enzymatic PET biorecycling through the Kaibio Biotechnology joint venture with Carbios.

Product overview

Wankai New Materials (万凯新材) operates as a PET (polyester) materials manufacturer with a portfolio centered on PET chips and polyester yarn products. The company produces standard PET chips alongside specialized variants including hot-fill PET chips (热灌装聚酯切片) and environmental antimony-free PET (环保无锑聚酯切片), the latter developed as a green alternative to traditional formulations. Through its strategic partnership with Carbios, the company is expanding into PET biorecycling technology, establishing a joint venture to construct and operate China's first PET biorecycling plant with a capacity of 50,000 tonnes annually.

Differentiator

Problem solved

Functional benefit

Products and services

• Hot-fill PET Chips (热灌装聚酯切片) Specialty PET resin chips designed for hot-fill packaging applications, awarded as an Excellent Industrial New Product by the Zhejiang Province Department of Economy and Information Technology. Sold to packaging manufacturers producing hot-fill bottles and containers.
• Environmental Antimony-free PET Chips (环保无锑聚酯切片) Green PET resin chips manufactured without antimony catalyst, developed as an environmentally friendly alternative to traditional PET materials. Recognized with the Haining Science and Technology Progress Award in 2017 and the Zhejiang Province Third Prize for Science and Technology Progress in 2017.
• PET Yarn (涤纶长丝) Polyester filament yarn (涤纶长丝) products sold to textile fiber and yarn manufacturers for downstream synthetic fiber production. Listed as a core product category on the Wankai product center.

Quantifiable outcome

• 87% market share in India's PET resin imports
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• CarbioscoreStrategic or Co-development Partner · 18 June 2026Strategic partnership to deploy Carbios's enzymatic PET biorecycling technology in Asia. The joint venture, Kaibio Biotechnology Co. Ltd, will construct and operate China's first PET biorecycling plant in Haining, Zhejiang. Carbios retains full ownership of its patents and licenses the technology to the joint venture. Wankai holds majority stake and finances most of the €115 million investment. Commissioning delayed to H1 2028 due to additional technical work required.
• CarbioscoreStrategic or Co-development Partner · 2 December 2025Definitive agreement signed for strategic partnership to deploy PET biorecycling technology in Asia. Plant will process 50,000 tonnes of PET waste annually, located in Haining, Zhejiang. Construction expected to begin early 2026, with operational start originally targeted for early 2027 (later revised to H1 2028). Wankai holds majority stake and finances most of the €115 million investment.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• SABIC: Global petrochemicals major producing PTA and other PET precursors (and integrated into PET value chain through customers). Comparable as upstream competitor / feedstock counterparty shaping the same PET supply-demand dynamics Wankai operates in.
• Indorama Ventures: Thailand-based global leader in PET resin manufacturing with broad geographic footprint and significant presence in India. Compares to Wankai as a much larger incumbent with downstream packaging and recycling integration, including Indorama's own PET recycling initiatives.
• Sinopec (China Petrochemical Corporation): State-backed Chinese petrochemical conglomerate with substantial PET-related and PTA capacity. Most relevant comparable in domestic Chinese operating environment, regulatory exposure, and access to upstream feedstock.

Emerging players

• Carbios: French enzymatic PET biorecycling technology owner and Wankai's JV partner in Kaibio. Directly comparable in the enzymatic recycling technical capability and adjacent commercial role (technology licensor vs. Wankai as resin manufacturer deploying the tech).

Direct peers

• Shenghong Petrochemical: Major Chinese integrated petrochemical producer with PET capacity. Directly comparable in domestic Chinese PET resin competition, particularly in textile-grade and packaging-grade chip production.
• Hengli Petrochemical: Largest integrated Chinese PET and polyester producer with vertically-integrated PTA-MEG-PET operations. Most direct competitor to Wankai in scale and product mix within China's domestic and export PET markets.
• Far Eastern New Century: Taiwanese integrated polyester/PET producer serving packaging and textile end-markets across Asia. Comparable to Wankai in product portfolio (resin + filament yarn) and in serving both packaging and textile verticals.
• Selenis (ALPEK/ALFA Group): Portugal-based specialty PET resin producer with focus on high-value grades. Comparable to Wankai in PET resin manufacturing but with a specialty-grade and European-anchored positioning.
• Reliance Industries (PET/Packaging): India's domestic PET resin producer that has been the primary petitioner against Wankai's exports. Most direct competitor in the Indian market where Wankai claims 87% import share, making this a head-to-head comparable on geography, scale, and end-market exposure.

Regional players

• DAK Americas: North American PET resin producer owned by M&G Chemicals with focus on packaging-grade PET. Comparable in product focus (PET resin for packaging) but operates in a different geography from Wankai's Asia-centric footprint.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/zhejiang-wankai-new-materials-co-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wankai New Materials